China Nuokang Bio-Pharmaceutical Inc. Forms Independent Committee and Appoints Independent Legal Counsel to Evaluate "Going P...
21 Maio 2012 - 9:00AM
China Nuokang Bio-Pharmaceutical Inc. (Nasdaq:NKBP) ("Nuokang" or
the "Company"), a leading China-based biopharmaceutical company
focused on the research, development, manufacture, marketing and
sales of hospital-based medical products, today announced that it
has formed an independent committee of its board of directors (the
"Independent Committee") to review and evaluate the preliminary,
non-binding proposal received from Mr. Baizhong Xue, chairman and
chief executive officer of Nuokang, on May 10, 2012 to acquire all
of the outstanding shares of the Company not currently owned,
legally or beneficially, by Mr. Xue or companies controlled by Mr.
Xue.
The Independent Committee is composed of the following
independent directors of the Company: Mr. Sean Shao, Mr. Mingde Yu,
and Mr. David Xiaoying Gao. Mr. Sean Shao has been elected as the
chairman of the Independent Committee. The Independent Committee
has appointed Skadden, Arps, Slate, Meagher & Flom LLP as its
legal counsel to assist the evaluation of Mr. Xue's proposal and
additional proposals that may be made by Mr. Xue and his
affiliates, if any.
The Independent Committee is considering Mr. Xue's proposal but
has not made any decisions. The Independent Committee has not set a
definitive timetable to complete its evaluation of Mr. Xue's
proposal or any other alternative and does not currently intend to
announce developments unless and until an agreement has been
reached. There can be no assurance that any definitive offer will
be made, that any agreement will be executed, or that a transaction
with Mr. Xue or any other transaction will be approved or
consummated.
About China Nuokang Bio-Pharmaceutical Inc.
China Nuokang Bio-Pharmaceutical Inc. (Nasdaq:NKBP) is a leading
biopharmaceutical company in China focused on the research,
development, manufacture, marketing and sales of hospital-based
medical products. The Company provides a diversified portfolio of
products across more than 4,200 hospitals in China. Nuokang's
principal products include Baquting®, China's leading hemocoagulase
product by market share; Kaitong®, a lipid emulsion alprostadil
product for the treatment of peripheral vascular diseases,
cardiocerebral microcirculation disorders and post-surgery
thrombosis; and alpha lipoic acid capsules, or ALA, an antioxidant
product that addresses diabetic neuropathy. The Company's product
pipeline includes product candidates under development in
hematological, cardiovascular and cerebrovascular disease
diagnosis, treatment and prevention. Please visit www.nkbp.com for
more information.
Safe-Harbor Statement
This press release contains statements of a forward-looking
nature. These statements are made under the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995,
including certain plans, expectations, goals, and projections,
which are subject to numerous assumptions, risks, and
uncertainties. These forward-looking statements may include, but
are not limited to, statements containing words such as "may,"
"could," "would," "plan," "anticipate," "believe," "estimate,"
"predict," "potential," "expects," "intends" and "future" or
similar expressions. Among other things, the statements relating to
the evaluation of or the developments with respect to Mr. Baizhong
Xue's proposal or any other alternative transaction may contain
forward-looking statements. These forward-looking statements speak
only as of the date of this press release and are subject to change
at any time. These forward-looking statements are based upon
management's current expectations and are subject to a number of
risks, uncertainties and contingencies, many of which are beyond
the Company's control that may cause actual results, levels of
activity, performance or achievements to differ materially from any
future results, levels of activity, performance or achievements
expressed or implied by such forward-looking statements. The
Company's actual results could differ materially from those
contained in the forward-looking statements due to a number of
factors, including those described under the heading "Risk Factors"
in the Company's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F.
CONTACT: China Nuokang Bio-Pharmaceutical Inc.
Mr. Steven Duan
Vice President of Investor Relations
Email: dsz@nkbp.com
ICR, Inc.
Mr. Rob Koepp
Tel: (+86) 10-6583-7516 or (646) 405-5180
Email: robert.koepp@icrinc.com
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